pexels photo 3768129

Revision question on how to prepare partnership accounts.

Ashaiman and Nima are in partnership sharing profits and losses 2:1. They had originally invested  TZS 50,000  and  TZS 40,000,  respectively.  Their  current  account  balances  on  1 November 2016 were TZS 14,000 credit for Ashaiman and TZS 9,900 debit for Nima.



The partnership agreement specifies the following:

  • The payment of interest on drawings and receipt
Read the rest